Marathon Asset Management is extending the lockup for its high-performing Marathon Special Opportunities Fund, which manages an estimated $2.47 billion. The firm is also tightening the fund's gate to 20% from 30% of assets.
As of yearend, investors who hold nonexit limited shares will see 75% of those shares converted into a new subclass of shares with a two-year lock. Redemptions after that period are subject to 180 days notice. The New York firm, which was founded by Louis Hanover with Bruce Richards and now manages a total of $5.5 billion, has told investors that the longer lockup will